Updated Oct 28, 2024
Signature Bank And Columbia Pacific Advisors Provide $70M Floating-Rate Loan For Development Site At 2475 Exterior Street In Bronx
2475 Exterior Street, The Bronx, New York 10468, United States
$70,000,000
Building Size
—
Asset Type
Development Site
Closing
Aug 31, 2022
About this deal
AI
The development site located at 2475 Exterior Street in the Bronx has been involved in a recent loan transaction. The property spans approximately 14 acres and is owned by Dynamic Star, Namdar Realty Group, and Gorjian Acquisitions.
Summary of transation details
- Property Type: Development site
- Transaction Amount: $70,000,000
- Loan Type: Floating-rate
- Loan Terms: 12-month
The loan for this transaction was provided by Signature Bank, with Ken Stagnari and Joe Fingerman representing the bank. Columbia Pacific Advisors, with Will Nelson as their representative, also participated in the loan. Shlomo Weissberg of Meridian Capital Group acted as the broker in this deal.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93